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Jordan E. Slone Of Harbor Group Management Acquires Multifamily Asset From Douglas C. Yearley Jr For $181.7M
SOLD
$181,700,000
Massachusetts
See Similar DealsMultiFamily
Sold 04/14/2025
SOLD
Jordan E. Slone Of Harbor Group Management Acquires Multifamily Asset From Douglas C. Yearley Jr For $181.7M
275 Second Avenue
See Similar DealsMultiFamily
Sold 04/14/2025
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
The Kendrick is a multifamily apartment complex located at 275 Second Avenue in Needham, MA. The property was built in 2018 and consists of 390 units. The transaction was completed for a sale price of $181,700,000, which translates to a price per unit of $465,897.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $181,700,000
- Buyer: Jordan E. Slone - Harbor Group Management
- Seller: Douglas C. Yearley Jr - Toll Brothers
- Units: 390
Jordan E. Slone, representing Harbor Group Management, acquired the property from Douglas C. Yearley Jr, representing Toll Brothers. This transaction underscores the activities within the multifamily real estate market in the Needham area.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,690,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$645,541.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$861,350.70
Annual Debt Service$10,336,208.39
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